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That's by design, both camps...
That's what I want to know. Conspiracy theories are great but ultimately useless. Let's define the camps. Who are the actors and what are their motivations? Shadowy cabals are great and all but I'd really like to hear the specifics.
Going out on a limb here: there aren't any specifics.
Both camps are just masses of people with various motivations acting and reacting to an ever changing landscape of ideas and convictions. Bitcoin mururations (ref: starlings) if you will.
*murmurations
Yep, misspelled that one for sure.
Conspiracies aren't theories, they are facts, a predictable outcome of incentives
Where there is an incentive to organize to effect change, there is an organization working to effect change
masses of people with various motivations acting and reacting
Conspiracy is a mode of action, psyops are used to illicit reaction
The lines between intelligence agencies and industry are blurry, same way that industries use regulation to protect against competition. The government is just a giant corporation where industry colludes.
If the large entities get their way and enable Bitcoin delegation, it gives leverage to their existing systems of control.
Think withdrawing your Bitcoin from an exchange, if they use covenants they can revoke your coin after you've withdrawn or make sure you don't send it to someone they don't like... Fake L2's getting acquired by the big banks... Stablecoins that trace back to your Bitcoin stack after you sell on a "DEX"... coordinators everywhere conducting surveillance...
The possibilities with covenants are endless, none of them good.
I feel dense, but whose is the hidden hand?